Acc539 Accounting Information Systems Answers Assessment Answers
Brady would like you to undertake some research into Cloud Accounting and its impact. He is very limited in time and has asked you to prepare a PowerPoint presentation to the executive committee covering the following:
1.What is Cloud Accounting?
2.What are the benefits and limitations of using cloud accounting when compared to their traditional accounting systems from the perspective of:
oBusiness Plus Advisors?
othe clients of Business Plus Advisors?
3.Should Business Plus Advisors encourage their clients to transition to a cloud accounting system when compared to their current system? Justify your recommendation, which should be consistent with the benefits and limitations you have identified above.
2 marks will also be allocated for:
- the quality of your PowerPoint slides, including appropriate format, spelling and grammar;
Answer:
Introduction
With the ramified economic change, each and every organization needs to adopt advance system process in their process. It is analyzed that with the increasing accounting and financial recording complexity, every organization needs to adopt accounting software or application in its accounting recording frameworks. Cloud accounting allows organization to lower down the complexity of the accounting recording for preparing financial statement. However, the adoption of could accounting in the process depends upon the several factors such as nature of the busienss, complexity, accountant, investment capital available and reporting framework of organization. Nonetheless, the main advantage of cloud computing is that Cloud accounting follows the same accounting standards and accounting concepts to keep the harmonization in the reporting frameworks in cloud accounting and traditional accounting (Dimitriu, & Matei, 2015).
It is further analyzed that if company uses the cloud computing then it will also lower down the administration expenses to maintain the cloud accounting in the accounting process. The main disadvantage of cloud accounting is based on its vulnerability of the insider trading. It is analyzed that when company avails the cloud accounting services then it will have to outsource its accounting and reporting activities to other software organization which undertakes all the accounting recording activities. The outsourcing of these activities might increase the overall vulnerability of the business risk and insider trading of the organization (Elmroth, Marquez, Henriksson, & Ferrera, 2009).
It is advised to companies that Cloud accounting is reliable and less expensive for the companies to adopt in its accounting frameworks which should be adopted by the big organizations or clients after following the proper cost benefit analysis. On the negative side, it is considered that if in case, cloud accounting service providers go online then it might destruct the accounting and reporting framework of company. After analyzing the complexity and benefits of the cloud accounting, it is inferred that cloud accounting is beneficial for those clients who needs to record low accounting transactions in their books of accounts. The service based clients should be more inclined towards adopting the cloud accounting as compared to product based company due to their increased legal compliance and complexity in accounting frameworks. Therefore, it is easy to infer that clients will be having less costly accounting frameworks to report its financial transactions if they install cloud accounting. It should assist companies to stick with the harmonized reporting frameworks which will strengthen the domestic and international reporting frameworks (Ionescu, Ionescu, Tudoran, & Bendovschi, 2013).
References
Dimitriu, O., & Matei, M. (2015). Cloud accounting: a new business model in a challenging context. Procedia Economics and Finance, 32, 665-671.
Elmroth, E., Marquez, F. G., Henriksson, D., & Ferrera, D. P. (2009, August). Accounting and billing for federated cloud infrastructures. In Grid and Cooperative Computing, 2009. GCC'09. Eighth International Conference on (pp. 268-275). IEEE.
Ionescu, B., Ionescu, I., Tudoran, L., & Bendovschi, A. (2013, June). Traditional accounting vs. Cloud accounting. In Proceedings of the 8th International Conference: Accounting and Management Information Systems, Bucharest, Romania(pp. 106-125).
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